Factoring is the provision of a management service to the owners of properties. This usually relates to services that need to be carried out for the general maintenance or improvement of common aspects of property or land such as cleaning of common areas, communal repairs and maintenance service.
Although more frequently associated with flatted developments, factoring still applies to houses, with ground maintenance taking place on common ground.
An annual update is issued each year to all factored customers which details all applicable services and the charges involved.
The service that we provide is regulated by the Property Factors (Scotland) Act 2011 which came into effect in October 2012 to ensure a minimum standard of provision is achieved by all factors across Scotland.
It has three main elements:
1. Code of Conduct with minimum standards of practice.
2. A Register of all factors operating in Scotland.
3. A dispute resolution mechanism – The Homeowner Housing Panel.
In accordance with this we at Loreburn aim to achieve the following objectives:
1. Have a clear and transparent approach to setting and increasing management fees that demonstrates that costs are accurately identified, apportioned and recovered.
2. Have a robust process to assess and demonstrate that owners are receiving a value for money service.
3. Provide good quality information to owners on the factoring service.
4. Ensure that owners are given detailed information on any charges.
5. Undertake regular and meaningful consultation with owners to understand their needs and priorities.
6. Give owners the opportunities to participate in the factor’s decision making process and develop and implement robust action plans in response to the findings of satisfaction surveys and consultation work.
If you have any questions or queries regarding Factoring please contact Laura Lupton, Property Management Officer who will be happy to help.